By the middle of Tuesday's European trading hours, the pair had recovered and almost reached the resistance zone at 1.3082/1.3102. Take into account that the zone was strengthened by the 100-hour simple moving average near 1.3085 and the weekly simple pivot point at 1.3100.
Economic Calendar
The top events of the next week will be the US Federal Reserve Statement and the Bank of England's release of Monetary Policy Statement. However, take into account that inflation and retail sales data might cause notable moves.
On Wednesday, at 12:30 GMT, the US Retail Sales and Core Retail Sales data might cause USD moves.
The top event of the quarter is scheduled for 18:00 GMT. At that time, the US Federal Reserve will release its FOMC Statement and FOMC Economic Projections and the Federal Funds Rate.
The Bank of England is set to reveal its monetary policy on Thursday at 12:00 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
If the Pound bounces off the 1.3082/1.3108 zone against the US Dollar, the pair could initially look for support in the 50-hour simple moving average near 1.3040. Below the moving average, the 1.3000 might once again act as support.However, a surge above 1.3102 would face the 200-hour simple moving average and a resistance line in the 1.3120/1.3140 area. Further above, note the 1.3171 level where the weekly R1 simple pivot point is located.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has passed the support levels of the 2021 low levels. Below the support zone, there is no close by technical support as low as the lower trend line of a large scale channel down pattern near 1.2950.Daily chart
Read More: Technical Analysis
Traders are long
On Monday, traders were long, as 70% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 53% to buy the GBP against USD.
On Tuesday, open positions were 69% long and pending orders were 52% to buy.
On Monday, traders were long, as 70% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 53% to buy the GBP against USD.
On Tuesday, open positions were 69% long and pending orders were 52% to buy.